Bank Nifty Trading Levels for 03 Feb

  • As discussed in Last Analysis  We have discussed the importance of Jupiter conjuction and once 29 Jan High was taken out Bulls had a one sided rally and all target were done on upside.Perfect trade with a big reward and we also saw the importance of Astro date. Now Bulls need to move above33333 for a move back to 33355,33777,33960. Bears below 32761 can move back to 32433/32105. We saw gap up open and consolidation after the big rally. Now Bulls need to move above 34343 for a move back to 34596/34783/34969/35157. Bears below 34225 can move back to 34041/33856/33489.

  • Bank Nifty Feb  Future Open Interest Volume is at 16.3  lakh with liquidation of 2.2 Lakh, with decrease in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @30980 closed above it.
  • 35000 CE is having highest OI @10.1 Lakh resistance at 35000 followed 35500.34000-36000 CE added 12.3 Lakh in OI so bears added position in the zone of 34000-5000.
  • 33500 PE is having highest OI @10.3 Lakh, strong support at 33500 followed by 3000 .31000-33000 PE added 32 Lakh OI so bulls making support in the range of 33000-33500.

Buy Above 34343 Tgt 34500,34752 and 34920 (Bank Nifty Spot Levels)

Sell Below 34225 Tgt 34041,33856 and 33600 (Bank Nifty Spot Levels)

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